Essential Insurance Policies You Should Have
An insurance company provides coverage for any damage that might be caused to your property based on the clause of the insurance policy. Apart from motor vehicle coverage, there is a vast number of insurance policies such as health and buildings. Note that an insurance policy does not cover everything. There are a lot of details excluded in the insurance that you are probably paying for but are essential. By reading this article, you will learn some of the insurance policies you didnt know are necessary.
The first insurance you should consider having is the renters insurance. Although your landlord has insured the house, it still suits you. Since the house insurance does not cover your belongings, you are liable in case of any damage. You should consider having renters insurance to ensure that your belongings are covered in case of uncertainties such as fire. Lack of renters insurance also means that you are likely to be sued for any damage to the building.
Earthquake and flood insurance is another policy that most people have ignored. The damages caused by natural calamities such as earthquakes and floods cause governments a lot of money yearly. Remember that regular homeowners insurance does not cover damages caused by earthquakes and floods. It is also important to consider supplemental health insurance plans that cover costs above essentials covered by your basic medical plan. Long term disability and dental insurance are some of the medical conditions covered by supplemental health insurance. Still, vision insurance plans and critical illness plans are also covered by supplemental health insurance.
The other insurance plan that you need is the umbrella and gap insurance. You could be sued if the loss is bigger than your insurance policy limit. To get extra liability protection, buy umbrella and gap insurance. It is also beneficial to have umbrella and gap insurance to avoid paying off the loan in case you owe money on the car, and it gets damaged.
Finally, you should think about pet insurance. Medical care for pets can be costly, sometimes you may not be in a financial position to cater for it. A suitable pet insurance cover should be similar to the one you are buying for yourself and family. Even if your pet already has a condition, you dont have to be worried. By buying pet insurance pre existing conditions, you will be able to save a lot of money in the long run.